2024 Fica And Medicare Tax Rates Calculator. The medicare tax rate for 2024 is 2.9% and is split between employees and their employer, with each paying 1.45%. You’re typically responsible for paying half of this amount (1.45%), and your employer is responsible for the other half.

Federal insurance contributions act (fica) also known as ‘paycheck tax’ or ‘payroll tax’, these taxes are taken from your paycheck directly. Learn precise tax calculation examples and stay compliant to avoid penalties